UK

Financial Sanctions

CERTIFICATE COURSE

UK

Financial Sanctions

CERTIFICATE COURSE

In order to meet the need for targeted training on UK Financial Sanctions and mitigate the risk of costly sanctions violations, ACSS is developing an online training program, which teaches vital principles and risk management and background all sanctions compliance staff should understand.

Duration and Format

The Course is taken over a period of 4 weeks and is 7 hours total
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Includes two virtual classes of 1.5h each

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Reading assignments, prior to each class

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1 hour exam

Target audience

  • MLROs
  • Compliance Officers
  • Sanctions investigators
  • General Counsels
  • Compliance Manager
  • AML Compliance Officers
  • High Risk Business Lines.

Level

  • Entry level/Intermediate

Overview

In order to meet the need for targeted training on UK Financial Sanctions and mitigate the risk of costly sanctions violations, ACSS offers an online training program, which teaches vital principles and risk management and background all sanctions compliance staff should understand.

The UK Financial Sanctions Essentials Certificate Program is a 7-part course, consisting of approximately
7 training hours, across 4 weeks. The course is delivered in an online format.

Self-paced e-learning course

Reading Assignment

Virtual Classroom #1

Reading Assignment

Virtual Classroom #2

Reading Assignment

Final assessment

Certificates of Completion and CE Credits

Participants who complete the course will receive a certificate of attendance.
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The course provides 7 CSS CE Credits

System requirements (for learners)

Course is compatible with most operating systems and browsers to make it easy for everyone to participate. The course uses
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GotoTraining from Goto

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Chrome browser

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Learning Management System (LMS) from Litmos

Upcoming Virtual Session

2023 Winter Session

Materials available: February 1, 2023

  • 1st Virtual Classroom: February 8, 2023
  • 2nd Virtual Classroom: February 15, 2023

Cost

ACSS Members

$495

Non-ACSS Members

$595
If you have multiple team members who can benefit from this program or wish to talk about enterprise packages, please contact for pricing and more information: support@sanctionsassociation.org

How it is structured?

Part 1 - Self-paced e-learning course (30 minutes): UK Financial Sanctions Foundations
Part 1 is a self-paced e-learning course. It covers the high level overview and foundations of UK Financial Sanctions.
 

  • Introduction/key learning objectives
  • What Can Possibly Go Wrong? – A small “how you can encounter a sanctions risk in your daily work” Scenario
  • Overview of Financial Sanctions
  • What is OFSI and what is its mission?
  • Different types of financial sanctions
  • OFSI lists
  • Who must comply
  • Fines
  • Walking Tour “OFSI Online”- Where to find information on the OFSI website
Part 2 - Reading Assignment (30 minutes)

This will be PDF containing a narrative introduction on UK Financial Essentials, plus key terms and definitions participants need to read to prepare for Virtual Class 1.

Part 3 - Virtual Classroom #1: Legal Authorities, Categories, Core Prohibitions and How OFSI Works (1 hour and 30 minutes)

Interactive live virtual classroom (webinar with interaction, such as case studies, Q&A sessions, audience polls and practice questions.) 

Section 1: Introduction

Segment 2: A Walking Tour Through main UK financial sanctions legal authorities  SAMLA – what is it, when enacted, where to be found, what does it do?

  • Regulations – Regulations – main clauses
  • Who is covered?
  • Short Exercise/case study
  • Practice questions

Section 3: Categories, Principles and Core Concepts Used by OFSI

  • Categories of sanctions
  • Important concepts or terms used throughout a number of OFSI administered sanctions programs
  • Short Exercise/case study
  • Practice questions

Section 4: Core prohibitions under main OFSI administered financial sanctions

  • Human rights sanctions
  • Russia
  • Belarus
  • Venezuela
  • Short Exercise/case study/
  • Practice questions

Section 5: Wrap up and Q&A

Part 4 - Reading Assignment (30 minutes)

Containing key terms and definitions participants need to read to prepare for Class 2.

Part 5 - Virtual Classroom #2: Compliance/Risk Management and Enforcement (90 minutes)

Interactive live virtual classroom (webinar with interaction, such as case studies, Q&A sessions and practice questions). 

Section 1: Introduction

Section 2: Risks and Compliance Programme

  • Recognizing Sanctions Risks
  • How to create a sound Risk Assessment for UK Financial Sanctions
  • UK Financial sanctions Compliance Programme – Control Basics
  • Short Exercise/case study
  • Practice questions

Section 3: Customer Due Diligence and Screening

  • Due Diligence
  • OFSI lists and screening
  • Freezing
  • Reporting a sanctions breach to OFSI
  • Short Exercise/case study
  • Practice questions

Section 4: Licenses

Section 5: Enforcement:

  • Relevant OFSI Guidelines
  • Consequences of non-compliance: Penalties, and other types of actions
  • Interaction with other agencies
  • Short exercise/case study
  • practice questions

Section 6: Q&A with Audience

Part 6 - Reading Assignment/Case Study (30 minutes)

Small case study for participants. Submit the answers on the ACSS platform.

Part 7 - Final assessment (45-minutes)

Online Quiz: 35 questions in multiple choice questions